Share-split context: A forward split was recorded on Jun 26, 2026 with coefficient 3. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

Understanding the GRANITESHARES 2X LONG NVDA DAILY ETF (NVDL)

What this ETF is trying to do

The NVDL ETF is a specialized type of investment known as a "leveraged" single-stock ETF. This means it is designed to track the performance of one specific company—NVIDIA (NVDA)—but with a goal of providing double (2X) the daily movement of that stock. Because it is leveraged, its price can move much faster than the actual stock itself.

What the numbers show

The data shows significant price movement over different time periods. Because this ETF has a history of "forward splits," we use split-adjusted returns to understand its performance. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not mean you lost money; it just changes how many shares you own.

Here is the performance based on the supplied data:

• Year-to-Date (YTD) Price Return: Approximately 34.88%

• One-Year Price Return: Approximately 29.24%

• Three-Year Price Return: Approximately 680.56%

It is important to note that "price return" only tracks the change in the share price. When we look at "total return," which includes distributions, the numbers are slightly different. For example, the three-year total return is approximately 768.86%.

Income and distribution explanation

Some investors look for ETFs that pay them cash regularly, known as distributions. For NVDL, the distribution yield is 0%. No distributions were detected over the last 12 months. This means this ETF is not currently used as a tool for generating regular cash income.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of an ETF's underlying assets decreases significantly over time. StockValueFinder uses an "erosion-risk score" to measure this risk. For NVDL, the erosion score is 100, and the label is "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Pros

• High Growth Potential: The three-year total return has been very high at approximately 768.86%.

• Strong Momentum: The year-to-date price return is approximately 34.88%.

Cons

• High Risk: Because this is a leveraged ETF, it is designed for daily movements. This can lead to very large losses if the underlying stock moves in the opposite direction.

• No Income: There are no distributions or dividends being paid out to investors.

Beginner takeaway

NVDL is a high-intensity tool designed to amplify the daily moves of NVIDIA stock. While the historical returns have been very large, the leveraged nature of the fund means it can be much more volatile than a standard stock. It is not an income-focused investment, as it does not pay distributions.